To complete this activity, you will need to have Excel installed on your computer. This exercise requires you to work in Excel and answer questions in Connect. You will read a brief scenario and then download an Excel file that you will need to complete the requirements in Parts 1 through 5 of this exercise. In Part 6, your instructor may require you to upload your completed workbook. Some of the requirements include brief video tutorials on using Excel functions. After viewing the tutorials, you will then use what you learned to work directly in Excel to answer the required questions in Connect. [The following information applies to the questions displayed below.] Cary Company manufactures two models of industrial components-a Standard model and an Advanced Model. It has provided the following information with respect to these two products: Number of units produced and sold Selling price per unit Direct materials per unit Direct labor cost per unit Direct labor-hours per unit Standard 20,000 $ 150 Advanced 10,000 $ 200 $ 40 $ 60 $ 30 $ 30 1.50 1.50 The company considers all of its manufacturing overhead costs ($1,346,250) to be fixed and it uses plantwide manufacturing overhead cost allocation based on direct labor-hours. Click here to download the Excel workbook titled, "ExcelAnalytics_Comparing Traditionaland Activity Based ProductCosting_Template which you will use to complete the requirements in this exercise. 1. Navigate to the "Plantwide Approach" tab of the Excel workbook. Complete requirements 1a. through 1f. as follows by working directly in Excel and entering your answers in the tabs below. a. In Cell F3, create a formula that calculates the direct labor-hours for the denominator of the plantwide overhead rate calculation. Then, in Cell F4, create a formula that calculates the plantwide overhead rate. What are the formulas used to correctly calculate these two amounts? b. What is the plantwide overhead rate calculated in Cell F4? c. Within cells B11 through D17, create the appropriate formulas () to compute the gross margins for the Standard and Advanced models as well as the company as a whole. What are the formulas used to correctly calculate the direct materials, direct labor, and manufacturing overhead for the Standard model? d. What are the gross margins for the Standard model calculated in Cell B17and the Advanced model calculated in Cell C17. e. Within the "Plantwide Approach tab of the Excel workbook, use Charts to create a pie chart that shows the percent of total manufacturing overhead cost allocated to each product using the plantwide approach. f. Refer to the pie chart you created in 1e. What percent of the total manufacturing overhead cost is allocated to the Standard model using the plantwide approach? The Advanced model? Save your work in Excel and enter your answers to requirements 1a. through 1f. in the tabs below. Save your work in Excel and enter your answers to requirements 1a. through 1f. in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 1F In Cell F3, create a formula that calculates the direct labor-hours for the denominator of the plantwide overhead rate calculation. Then, in Cell F4, create a formula that calculates the plantwide overhead rate. What are the formulas used to correctly calculate these two amounts? Direct labor-hours Plantwide overhead rate =(B3*B7)+(C3*C7) =F2/F3 =(B3*B7)-(C3*C7) =F2*F3 =(B3 B7)/(C3 C7) =F2+F3 =(B3/B7)*(C3/C7) =F2-F3 a. In Cell F3, create a formula that calculates the direct labor-hours for the denominator of the plantwide overhead rate calculation Then, in Cell F4, create a formula that calculates the plantwide overhead rate. What are the formulas used to correctly calculate these two amounts? b. What is the plantwide overhead rate calculated in Cell F4? c. Within cells B11 through D17, create the appropriate formulas () to compute the gross margins for the Standard and Advanced models as well as the company as a whole. What are the formulas used to correctly calculate the direct materials, direct labor, and manufacturing overhead for the Standard model? d. What are the gross margins for the Standard model calculated in Cell B17and the Advanced model calculated in Cell C17. e. Within the "Plantwide Approach tab of the Excel workbook, use Charts to create a pie chart that shows the percent of total manufacturing overhead cost allocated to each product using the plantwide approach. f. Refer to the pie chart you created in 1e. What percent of the total manufacturing overhead cost is allocated to the Standard model using the plantwide approach? The Advanced model? Save your work in Excel and enter your answers to requirements 1a. through 1f. in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 1F What is the plantwide overhead rate calculated in Cell F4? lote: Round your answer to 2 decimal places. antwide overhead rate per direct labor-hour